Securing Your Family’s Future: A Simple Guide to Wills in Singapore

No one likes to dwell on their own mortality, especially when you’re young, healthy, and life is full of possibilities. But as uncomfortable as it may seem, there are some things you should plan for in advance, and one of these is your will.

When it comes to an investment as significant as your property, having a will is crucial to ensure your property is passed on according to your wishes, providing clarity and peace of mind for your loved ones.

Without a will, everything you own – your estate – will be distributed according to Singapore’s Intestate Succession Act. 

So even if you feel like you have plenty of time, having a well-drafted will gives you peace of mind and can save your loved ones a lot of trouble in the future.

Table of Contents

What is a will?

A will is a legal document that clearly states what will happen to your money, property, and possessions after you’re gone. It gives you the power to decide how your estate is divided, who will take care of your dependents, and who will carry out your wishes (the executor).

To write a will, you need to be:

• At least 21 years old
• Of sound mind
• Making the will freely, without any pressure or coercion.

While you can write a will yourself, it’s highly recommended that you consult a lawyer to make sure it’s legally sound. This helps prevent any problems or challenges that might arise after your passing.

Singapore’s Intestate Succession Act

If you don’t have a will, your estate will be distributed according to Singapore’s Intestate Succession Act. The current version of this Act, incorporating all amendments up to December 1st, 2021, came into effect on December 31st, 2021.

The Intestate Succession Act outlines how your estate will be divided, depending on who survives you. It covers various scenarios, from having only a spouse to having no surviving family members at all.

Muslim Inheritance Law

The Interstate Succession Act does not apply to Muslims. Their estates are handled according to Islamic law on inheritance (faraid). The Act also clarifies that a “child” includes any child legally adopted in Singapore, Malaysia, or Brunei.

Read More: The Full Legal Process of HDB Inheritance Rules After Death of Owner

Why is a will important?

The most crucial reason to have a will is that it lets you decide how your estate is distributed. This is especially vital if you have dependents, like young children or elderly parents, and the distribution under the Intestate Succession Act isn’t what you want.

A will can also simplify things for your loved ones after you’re gone. It can clearly state who will care for your dependents, preventing any disputes or uncertainties. You can even include your wishes for your funeral arrangements.

What about insurance and CPF nominations?

It’s important to include your insurance policies in your will. This helps your executor identify and contact the right insurance companies. If you have a revocable nomination, you might want to revoke it to ensure your insurance benefits are distributed according to your will.

CPF nominations cover your CPF savings but not properties bought with CPF money, payouts from the Dependants’ Protection Scheme, or investments under the CPF Investment Scheme. Remember, CPF savings can’t be included in your will.

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FAQs about writing a will in Singapore

How much does a will cost in Singapore?

A will in Singapore typically costs between $200 to $500, depending on the complexity and the law firm you choose.

Can I write my own will in Singapore?

Yes, you can write your own will in Singapore, but it’s crucial to follow legal requirements to ensure it’s valid.

Where can I make a will in Singapore for free?

You can make a will for free through certain online platforms or during pro bono legal clinics, but professional guidance is recommended.

What is not covered by will in Singapore?

In Singapore, a will does not cover assets like CPF savings, insurance policies with nominated beneficiaries, or properties held in joint tenancy. These assets are typically distributed according to specific rules or nominations rather than through your will.

The original version of this article is published on PlannerBee.